EXCEL FORCE MSC BERHAD 117 Notes to the Financial Statements (Cont’d) 35. Financial Instruments (Cont’d) (c) Financial risk management objectives and policies (Cont’d) (iii) Market risks (Cont’d) (b) Foreign currency risk (Cont’d) The carrying amounts of the Group’s and of the Company’s foreign currency denominated financial assets and financial liabilities at the end of the reporting period are as follows: Denominated in USD SGD RM RM Group and Company 30.6.2023 Trade receivables - 12,426 Deposits, cash and bank balances 271,307 351 Trade payables (48,147) - 223,160 12,777 31.12.2021 Trade receivables - 92,852 Deposits, cash and bank balances 242,800 839 242,800 93,691 The following table demonstrates the sensitivity of the Group’s and the Company’s profit before tax for the financial period to a reasonably possible change in the USD and SGD exchange rates against the functional currencies of the Group and of the Company, with all other variables held constant. Group and Company Change in currency rate Effect on profit before tax 30.6.2023 31.12.2021 RM RM USD Strengthened 10% 22,316 24,280 Weakened 10% (22,316) (24,280) SGD Strengthened 10% 1,278 9,369 Weakened 10% (1,278) (9,369) (d) Fair value of financial instruments The carrying amounts of short-term receivables and payables, cash and cash equivalents and short-term borrowings approximate their fair value due to the relatively short-term nature of these financial instruments and insignificant impact of discounting. It was not practicable to estimate the fair value of investment in unquoted equity due to the lack of comparable quoted prices in an active market and the fair value cannot be reliably measured. The table below analyses financial instruments carried at fair value, together with their fair values and carrying amounts shown in the statements of financial position.
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